India Pushes $1 Trillion Export Target Through FTAs, Domestic Manufacturing and Import Substitution

India’s push to achieve $1 trillion in exports in 2026 and $2 trillion over the next five years was a key focus of the Bharatiya Vyapar Mahotsav, where Union Commerce and Industry Minister Shri Piyush Goyal called exports a national mission and urged businesses to strengthen domestic manufacturing and expand their global presence. Speaking at the event, Shri Goyal said India’s goods and services exports had reached $863 billion, nearly 5 per cent higher than the previous year, despite challenging global conditions. He highlighted the government’s efforts to conclude Free Trade Agreements with nearly 38 developed countries, which are expected to provide Indian exporters preferential access to major international markets. The Minister urged businesses to closely monitor import trends and identify products that could be manufactured competitively in India. He said import substitution and exports were two important areas of opportunity and called for greater investment in sectors where the country continues to depend heavily on foreign suppliers, particularly capital goods. Shri Goyal also stressed the importance of promoting Swadeshi and Indian-made products as domestic consumption continues to rise. He warned that if Indian industry fails to meet growing demand, imports could increase significantly. He called for stronger cooperation between consumers, manufacturers and businesses to build demand for domestic products. Quality, productivity and scale were identified as essential for increasing India’s competitiveness in international markets. The Minister said Indian products would need better quality and packaging to compete globally and encouraged MSMEs, startups and young entrepreneurs to enter high-value manufacturing and processing sectors. Agriculture and fisheries were also highlighted as major areas of export potential. Shri Goyal said agricultural exports had crossed nearly ₹5 lakh crore, but greater value addition through processing and manufacturing could generate significantly higher opportunities for farmers, entrepreneurs and exporters. The Minister pointed to growing domestic capabilities in sectors such as medical devices and urged industrial clusters to increase local production. He also highlighted the expanded MSME framework, under which enterprises with turnover of up to ₹500 crore could benefit from the broader MSME ecosystem and government support for growth. The Bharatiya Vyapar Mahotsav was held from August 12 to 15, 2026, at Bharat Mandapam, New Delhi, bringing together businesses and entrepreneurs from across the country. The event also promoted wider use of Indian digital payment systems such as UPI and RuPay. The event reinforced the government’s broader economic strategy of combining export growth, domestic manufacturing, import substitution, MSME expansion and Swadeshi consumption. The focus remained on building stronger Indian businesses capable of meeting rising domestic demand while competing effectively in international markets.